Question: need help with this last problem Check my work mode: This shows what is correct or incorrect for the work you have completed so far.
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Exercise 19-10 (Algo) Absorption costing income statement LO P2 Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 350 bikes were produced and 225 were sold. Income statement information under variable costing follows. Sales (225 x $1,800) Variable cost of goods sold (225 * $700) Variable selling and administrative expenses (225 $60) Contribution margin Fixed overhead Fixed selling and administrative expenses Income Prepare the company's income statement under absorption costing. Answer is complete but not entirely correct. HAYEK BIKES Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income $ $ 405,000 202,500 202,500 104,000 98,500 $ 405,000 157,500 13,500 234,000 70,000 85,000 $ 79,000
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